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How is Advances received typically handled in NetSuite?

edited Jun 2, 2025 2:29PM in Ask A Guru 3 comments

Hi How is Advances received in NetSuite typically handled in SalesOrder?


"Advances received"=Account used when a portion or all of the proceeds are received in advance "as payment for goods" when a purchase or sale of goods is made. It is used not only for tangible goods, but also for intangible services.

The seller may make a down payment to indicate his/her intention to purchase the goods, or may pay part or all of the amount as part of a contract, and the seller who receives the advance becomes obligated to deliver the goods to the buyer.


thanks

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